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Article: MCI Wins U.S. District Court Approval for SEC Settlement.
- Article from:
- PR Newswire
- Article date:
- July 7, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MCI (WCOEQ, MCWEQ) today received U.S. District Court approval for its amended proposed settlement with the U.S. Securities and Exchange Commission (SEC). The settlement calls for a civil penalty to the company of $2.25 billion to be satisfied by a $500 million cash payment and $250 million in common stock to shareholders and bondholders upon emergence from Chapter 11 protection.
In his ruling today, Judge Rakoff stated:
"The Court is aware of no large company accused of fraud that has so completely divorced itself from the misdeeds of the immediate past and undertaken such extraordinary steps to prevent such misdeeds in the future."
Referring ...